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ST Aerospace Resources and partner terminate joint venture WingStar

ST Aerospace Resources and Wings Capital Partners Holdings have terminated their joint venture, WingStar, due to "differing views on the strategic focus and operational plans", ST Aerospace said.

WingStar was set up to acquire mid-life to end-of-life aircraft for lease, conversion or part out.

"The decision to terminate the joint venture agreement and to commence voluntary winding up was mutually agreed upon between the two shareholders," ST Aerospace said.

ST Engineering's aerospace arm will continue to leverage on opportunities to build up a portfolio of mid-life and end-of-life aircraft assets, with a focus on Airbus' A320 and Boeing's 737NG family.

ST Aerospace Resources has incorporated a Singapore-based subsidiary, Keystone Holdings (Global), with a paid up capital of US$10. Keystone Holdings serves as a holding company for aircraft leasing investments, and it plans to incorporate new subsidiaries in various geographies to support its projected portfolio purchase of aircraft which are currently on lease to global airlines.